NOV 20/FED TO HAVE AN EMERGENCY MEETING ON MONDAY/CLOSED DOOR MEETING/COT REPORT IN GOLD SHOWS MASSIVE SHORT COVERING BY THE BANKS AND LARGE SPECS GOING NET SHORT LAST WEEK/COPPER FALLS ANOTHER 3…

Jon Gold, Government, Market Commentary, Precious Metals, Silver

Gold: $1076.40 down $1.60 (comex closing time)
Silver $14.10 down 14 cents
In the access market 5:15 pm
Gold $1078.40
Silver: $14.20
First, here is an outline of what will be discussed tonight:
At the gold comex today, we had a very poor delivery day, registering 0 notice for nil ounces. Silver saw 8 notices for 40,000 oz.
Several months ago the comex had 303 tonnes of total gold. Today, the total inventory rests at 200.01 tonnes for a loss of 103 tonnes over that period.
In silver, the open interest fell by 1454 contracts despite silver being up by 16 cents in yesterday’s trading. We probably had some short covering. The total silver OI now rests at 170,549 contracts In ounces, the OI is still represented by .852 billion oz or 122% of annual global silver production (ex Russia ex China).
In silver we had 8 notices served upon for 40,000 oz.
In gold, the total comex gold OI was hit again with this time 1182 contracts removed as the OI fell to 423,392 contracts despite gold being up by $9.20 in yesterday’s trading. It seems the modus operandi of the bandits is to try and liquefy gold/silver OI as we approach first day notice on Monday, November 30. The bankers get very nervous when OI is rising despite awful prices for the metals. We had 0 notices filed for nil today.
We had a huge withdrawal in gold inventory at the GLD to the tune of 1.19 tonnes/ thus the inventory rests tonight at 660.75 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. Our 670 tonnes of rock bottom inventory in GLD gold has been broken. It looks to me that China has taken the last amounts of physical gold from the GLD. I guess the only place left for China to receive physical gold, after they deplete the GLD will be the FRBNY and the comex. In silver, we had no change in silver inventory to the tune of / Inventory rests at 317.256 million oz.
We have a few important stories to bring to your attention today…

This post was published at Harvey Organ Blog on Nov 20, 2015.